June 11, 2025
Salem – In recognition of World Elder Abuse Awareness Day on June 15, the Oregon Division of Financial Regulation (DFR) urges Oregonians to watch for signs of elder financial exploitation. The International Network for the Prevention of Elder Abuse and the World Health Organization launched recognition of the day in 2006 to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect, including financial abuse, of older people.
While anyone can fall victim to financial scams, older adults are disproportionately targeted, especially those who live alone or are socially isolated. According to the National Center on Elder Abuse, social isolation, loneliness, and declining health can increase vulnerability to exploitation.
The National Council on Aging reports that approximately 1 in 10 Americans age 60 and older has experienced elder abuse. Financial abuse estimates range widely, with some figures suggesting annual losses of $2.6 billion to more than $36 billion.
“Scammers often use familiarity, fear, or urgency to trick seniors into handing over their money," said TK Keen, DFR administrator. “Technology has made it easier for bad actors to gain access to older adults, which is why it is important to stay vigilant. I encourage families to talk with their loved ones about common scams and how to avoid them."
Elder financial abuse can be subtle and difficult to detect. Watch for these warning signs:
- A new and overly protective friend or caregiver, especially if the senior considers surrendering financial control to the person.
- Fear of someone or a sudden change in feelings about them.
- A lack of knowledge about financial status or reluctance to discuss financial matters.
- Sudden or unexplained changes in spending habits, banking activity, or estate planning documents.
- Unexplained checks made out to cash, unexplained loans, or unexplained disappearance of assets (cash, valuables, securities, etc.).
- Suspicious signatures on checks or other legal documents.
The Federal Trade Commission has some
tips on how to avoid a scam as well.
If you believe someone is being financially abused, call Oregon's toll-free abuse reporting hotline at 855-503-SAFE (7233). You can also visit DFR's protect yourself from fraud website for resources to prevent, report, and recover from financial abuse.
Oregon's Senior Safe Act makes securities industry professionals mandatory reporters for suspected elder financial exploitation. Securities professionals, such as broker-dealers and investment advisors, should use DFR's file a suspected financial abuse report webpage when they suspect potential financial abuse of an Oregon senior.
DFR's consumer advocates are always there to help with questions or to file a complaint. You can reach them at 1-888-877-4894 (toll-free) or email
dfr.financialserviceshelp@dcbs.oregon.gov.
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About Oregon DFR: The Division of Financial Regulation protects consumers and regulates insurance, depository institutions, trust companies, securities, and consumer financial products and services. The division is part of the Department of Consumer and Business Services, Oregon's largest consumer protection and business regulatory agency. Visit dfr.oregon.gov and dcbs.oregon.gov.